The author is a Forbes contributor. The opinions expressed are those of the writer.

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Should you or shouldn't you? Seems as if someone is always promoting the purchase of long term care insurance.

Most of us don't want to think about getting old and needing anything like that. If we ever think about it, it's a thing we want to defer until later.

The insurance industry really wants our premium dollars and has done extensive research and aggressive marketing to get us, especially Boomers, to buy these products. Do we need it? Is it worth the cost?

I am not connected to the insurance industry and have no affiliation with any company. I endorse no products. I do not speak for anyone else. I am a consumer, and I'm in the business of consulting with elders and their families. I help them figure out what to do with their aging loved ones. Because the cost of care for aging parents kept coming up so often, I needed to know more about long term care insurance. So, I set about finding out as much as I thought would be helpful for me in my role as advisor.

I talked to brokers. I read literature. I compared costs. I talked to my own clients about how much it costs them to care for spouses, parents, and other relatives at home or in assisted living or nursing homes.

At the risk of annoying some who are in the industry, I am providing my opinions here.

Here's my take:

Generally, unless you have a very large amount in liquid assets squirreled away and you don't mind spending a significant chunk of it on long term care for yourself, and spouse, partner, or disabled other loved one, long term care insurance is a good thing.

I say that only because we just don't have any other resource to pay for help at home, assisted living or nursing home care. Most of us wouldn't be happy paying out a six figure bill in cash each year for long term care.

Medicare doesn't cover long term care of the "custodial" variety most people need in the long run. The U.S. Department of Health reports that 70% of people who reach age 65 will need long term care services at some point in their lives.

Health insurance does not cover long term care either. That leaves you, your savings and your retirement income to pay for it for as long at it takes.

My friend's mother has had dementia for 13 years. She and her sister pay out of pocket each month to support their mom, at an annual cost of over $100,000 per year. How long does it take to burn through a million dollars at that rate? Physically, mom is in pretty good shape for 92. This could go on for a lot longer. Do you want this to be your kids, paying for you?